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MTECHTIPS:-Crude Oil Futures - Weekly Outlook: November 28 - December 2

Monday, November 28, 2016 2:59

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MTECHTIPS:-Crude Oil Futures – Weekly Outlook: November 28 – December 2

Oil prices fell sharply on Friday amid uncertainty over whether the Organization of the Petroleum Exporting Countries can reach an agreement to cut production and prop up markets. U.S. crude oil settled down $1.97 or 4.11% at $46.06 a barrel from its previous close on the New York Mercantile Exchange. It was the largest one day decline since September 23. U.S crude still ended the week up 0.81% after trading in a range between $45.77 and $49.20 a barrel. Global benchmark Brent futures were at $48.24 a barrel, down $1.76 cents or 3.59%. Trading activity remained thin because of the Thanksgiving holiday in the U.S. Doubts over whether major global exporters will be able to reach an agreement next week to rein in output also kept investors on the sidelines. OPEC is to hold a meeting in Vienna on Wednesday aimed at finalizing the details of a proposed output cut, which it is hoped will reduce a global supply glut that has pressured oil prices lower for more than two years. The producer cartel is attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts

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